Yes, it really matters. It can have many unintended consequences?
Does it matter whom I name as a life insurance beneficiary? How important is it to be careful when making this choice?Executive director of Seven Media
If the insured passes away before the a named beneficiary reaches the age of majority (age 18, in Washington state), this can result in significant delays in loss settlement and the additional expenses for this designated beneficiary.
Can I designate a minor as a life insurance beneficiary?Co-owner of Seven Creative Group
Yes. Depending upon the objectives of the life insurance policy owner, there are two possible ways to address this. One, establishing a qualified custodian, or establishing a revocable trust.
Is there another way to designate a minor as a life insurance beneficiary?Marketing director at Seven Consulting